As the Chinese government accelerates its crackdown on Hong Kong’s pro-democracy protesters, the Trump administration has sharpened its view of the world’s most important bilateral relationship.

What’s happening: Senior officials tell me they are increasingly concerned about Beijing’s treatment of activists in Hong Kong and, increasingly, fear overreach that could also target Taiwan. This comes as any chance of an armistice in the trade war seems to be shrinking away.

Why it matters: Based on numerous conversations with Trump administration officials over the last few weeks, it is clear that many of the president’s top advisers view China first and foremost as a national security threat rather than as an economic partner.

This is a new normal. And it’s poised to affect huge parts of American life, from the cost of many consumer goods — likely to go up under a punishing new round of tariffs — to the nature of this country’s relationship with the government of Taiwan.

Trump himself still views China primarily through an economic prism. But the angrier he gets with Beijing, the more receptive he is to his advisers’ hawkish stances toward China that go well beyond trade.

The big open question remains whether Trump’s anger with China — especially its flooding of the U.S. with deadly fentanyl and its backtracking on promises to make huge agricultural purchases — will ever grow to such a point that he wants to move in a tougher direction on national security and human rights. If he gets to that point, his advisers will have plenty of hawkish policy ideas waiting for his green light.